In the following discussion certain articles and methods will be described for background and introductory purposes. Nothing contained herein is to be construed as an “admission” of prior art. Applicant expressly reserves the right to demonstrate, where appropriate, that the articles and methods referenced herein do not constitute prior art under the applicable statutory provisions.
There are many forms of life insurance available on the market. Once such form of insurance is often referred to as a “variable life insurance policy.” This type of policy often has flexible premium and an adjustable death benefit. The cash values and death proceeds are usually linked to the investment results and expenses of the company that issued the policy.
While most purchase an insurance policy to preserve their family's financial security, these financial products have a number of other uses. One such use is within a charitable fundraising system or method. Commonly owned International Patent Application Serial No. PCT/US2005/08102, as well as commonly owned U.S. patent application Ser. Nos. 10/382,947 and 10/798,551 disclose such a systems or methods. The content of these two disclosures are incorporated herein by reference, in their entirety.
These methods generally involve a donor, or group of donors, who agree to be insured by and/or for the benefit of the organization, and who assign their rights in the policies to the charitable and/or nonprofit organization (NPO). The organization holds the policies in a passive vehicle. A lender provides capital to the organization in the form of a loan that is secured by the policies. The lender is repaid from the proceeds of the policies via the passive vehicle
There is a need for insurance products and methods structured to provide advantages over current products and methods, and in particular, which are structured to maximize performance within methods and systems of the type described above. There is also a need for data processing methods and systems for accurately administering such products in a time-efficient and accurate manner.